As of July 3, August WTI crude oil closed up $5.23 at $75.82 per barrel, a 7.41% increase, while August RBOB gasoline rose $0.1956 to $3.15 per gallon, marking a 6.62% gain. These price surges are attributed to escalating tensions between the U.S. and Iran following U.S. military strikes against over 80 Iranian targets in response to attacks on commercial shipping in the Strait of Hormuz.
Today’s weekly EIA report indicated mixed results, with U.S. crude oil inventories rising by 3.0 million barrels, contrary to expectations of a decline. However, gasoline stocks fell by 1.9 million barrels, exceeding the anticipated drop of 1.7 million barrels. Currently, U.S. crude production stands at 13.860 million barrels per day, just shy of the previous record high.
Notably, Saudi Arabian crude exports have climbed to 6.3 million barrels per day, reaching 90% of pre-war levels, while Russian crude exports averaged 4.13 million barrels per day through late June, the highest since the invasion of Ukraine. Meanwhile, OPEC is expected to boost crude output by 188,000 barrels per day in August, as it aims to recover production levels affected by regional conflicts.
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